While widely known and revered in our industry, mastering these four concepts is often the difficult key to achieving success in a property. While it's important to meet the needs of a large number of customers to be successful, you must be prepared to make concessions. Porter, the well-known economist, explained in an article in the Harvard Business Review that competitive advantage can only be built through compensation. You must find your niche and serve your customers in the best way in that particular niche.
So, if you're dealing with high-end properties, offer the most premium properties to your customers to differentiate yourself from others. This Q for real estate marketing has to do with how you promote your product. To be successful in the Atlanta real estate industry, you must use every possible means of real estate marketing. From organizing open days to promoting your product online, use all possible marketing methods to reach the maximum number of customers and find the best buyer for your property.
To learn more about real estate marketing and prospecting, you may consider investing in the “Luther Ragsdale Step-by-Step Prospecting Manual”. The four P's are the key considerations that must be carefully considered and implemented wisely to successfully market a product or service. They are product, price, place and promotion. The focus on the four P's: product, price, place and promotion has been a fundamental principle of marketing since the 1950s.
Three new P's expand the marketing mix for the 21st century. A careful analysis of these four factors: product, price, location and promotion, helps the marketer design a strategy that successfully presents or represents a product to the public. Marketers must link the price to the actual and perceived value of the product and, at the same time, take into account supply costs, seasonal discounts, competitive prices and retail profit margin. The seven p's of real estate marketing are product, price, location, promotion, people, physical evidence and process.
Your ads and your successes in real estate marketing are a direct reflection of you and your brand. This includes any physical representation of the product or service involved in the interaction between a real estate agent and a buyer or tenant. As a real estate professional for more than 25 years, I have witnessed several real estate agents struggle to find clients due to the lack of a well-developed real estate marketing strategy. If you want to use the seven p's in your marketing, consider using professional real estate photographs for your next ad.
You would also like to read this case study that details the marketing combination strategy of a real estate company in India. By implementing the right processes, you can effectively communicate with your customers about your marketing strategy, market data, and show feedback from potential buyers. By keeping your clients informed about your process, you're building countless long-term relationships that will ultimately lead to a lot of success in your real estate marketing business. As a realtor, if you don't put the right price on a property, it doesn't matter how much marketing you do; it's unlikely that the property will sell.
While promotion varies depending on what strategic marketing plan you have in place, you can implement a social media marketing strategy, direct marketing, or other digital marketing tactics to gain a competitive advantage. Once you've set up your pricing and marketing strategy, your positioning in the market depends on who you're trying to reach with your ad. In 1981, Bernard H. expanded the four P's of marketing combination theory (product, price, place and promotion) to the seven P's of marketing, also known as service marketing mix, by Bernard H.
While every customer in the real estate industry will have a different need or desire, basic processes must ensure that each client receives the same level of service. .